Report: Companies dedicated to cybersecurity grow 20% in Catalonia in 2021

Catalan Economy

18 Mar 2022

The amount of companies dedicated to cybersecurity grew 20% in 2021 in Catalonia and, in total, now comes to 432. The sector also saw an 11% increase turnover, up to 912.9 million euros; jobs in the sector also rose 19% to 8,188 jobs (2020 data, latest available).

These are some of the main conclusions of the study Cybersecurity in Catalonia, prepared by ACCIÓ-Catalonia Trade & Investment and the Catalan Cybersecurity Agency.

The vast majority of companies working in cybersecurity in Catalonia are SMEs (85%). Furthermore, almost 30% of companies in the sector are exporters and up to 22% have a turnover of more than 10 million euros.

In terms of scope, according to the taxonomy of the European Cyber Security Organization (ECSO), there is a preponderance of companies dedicated to the protection, identification and detection of cyberattacks.

The study defines cybersecurity as the set of physical, logical, and governance measures that protect data and information systems ownership. An aspect that has become far more relevant today due to the uptick in the need for digital tools as a result of the Covid-19 pandemic.

In this sense, the last two years have seen recordbreaking levels of cyberattacks worldwide, up 50% during 2021 over the previous year, and more than half have been directed against small and medium-sized companies.

Overall, in 2021 there was a ransomware attack every 11 seconds, a rate that is forecasted to drop to two seconds in 2031.

The study also stresses the importance of cybersecurity for the industrial sector as the increasingly connected environment opens the door to new companies developing technologies for certain types of attacks and to new business models based on the study of vulnerabilities.

Along these lines, cybersecurity can greatly contribute to the development of other innovative technologies such as the Internet of Things, connected vehicles, Industry 4.0, digital health and e-commerce.

Sector trends and applications

According to the study, some of the sectors in which cybersecurity is producing more applications – now and in the future – are industry, transport, finance, health, online markets, administrations or energy, among others.

Similarly, as the importance of connected objects in companies grows, the need to protect them with cybersecurity measures becomes essential so the business can progress properly.

The study also signals the convergence of technologies applied to cybersecurity, such as artificial intelligence, metaverse, digital twins and 5G.

Cybersecurity on an international scale

The cybersecurity market is mainly concentrated in the United States, which has the highest turnover in the sector, followed by China, the United Kingdom and Japan.

The study points out that global growth forecasts are 9.7% per year between 2021 and 2026, when it will then hit the $345.4 billion mark

On the other hand, the report also points out that 2021 was a record year in terms of venture capital investment in cybersecurity startups around the world, with $18,824 million, twice as much as the 2020 figures.

In general, investments are highly concentrated in US startups, which between 2017 and 2021 closed 1,580 rounds of financing for a combined value of $31,046 million; much higher than the second-ranked country, Israel, with 262 rounds valued at $ 3,086 million.

The Catalan cybersecurity ecosystem in Catalonia Industry Suppliers

The vast majority of Catalan companies dedicated to cybersecurity are also part of Catalonia Industry Suppliers. This is the online platform for finding industrial and technological suppliers in Catalonia, which has updated its database this March and already features more than 4,600 Catalan companies.

This tool, created in March 2020, since then has been incorporating new technology and service companies, consolidating itself as the key location to position Catalonia’s industrial potential internationally.

A portal to find all security alerts

The Catalan Government considers that cyber threats can be a real burden on the economy.  Therefore, boosting cybersecurity’s economic sector to generate innovation and attract talent is one of the four strategic pillars deployed by the Catalan Cybersecurity Agency.

Furthermore, in order to maximize the value of these public policies, the cybersecurity trends and alerts that can be consulted on its portal are under constant analysis (ciberseguretat.cat).

Download the report Cybersecurity in Catalonia

Related news and success stories.